Midwest M&A Index Q1-14

1. Bridgepoint Merchant Banking is a Division of Bridgepoint Holdings, LLC. Securities offered through an unaffiliated
entity, M&A Securities Group, Inc., member FINRA/SIPC
Midwest M&A Quarterly Update
First Quarter 2014
bridg
e

2. -70.0
-50.0
-30.0
-10.0
10.0
30.0
50.0
40.0
60.0
80.0
100.0
120.0
140.0
Yr/YrChange(%)
Index
Bridgepoint Midwest M&A Index
(Q3-06 = 100)
Yr/Yr Change Index
Index Definition
Q3-06 = 100. As defined by Bridgepoint Merchant Banking, the Bridgepoint Midwest M&A Index is assembled by summing the number of transactions (for transactions that meet the Transaction
Requirements below, as sorted by announced date) announced over the latest two quarters. Year-over-year and quarter-over-quarter percent change is calculated and then applied to the index number
for the previous applicable period.
Transaction Requirements
Buyer, target and/or seller must be located in the Midwest, and the Midwest participant must have purchased or sold majority control. Total Enterprise Value must be $10mm or greater. Midwest defined
as Iowa, Kansas, Missouri, Nebraska, North Dakota, Oklahoma, and South Dakota.
Source: Bridgepoint Merchant Banking, Capital IQ (3/31/14)
Bridgepoint Midwest M&A Index
Index Summary
 The broader U.S. deal environment also saw a slowdown for the quarter, with Pitchbook.com reporting a 7.0% decrease
in private equity deals across the country in Q1-14 compared to the previous quarter
 Median valuations remain strong locally, supported by aggressive capital markets support
Midwest M&A Quarterly Update, Q1-14
2
 The Bridgepoint Midwest M&A Index, a measure of corporate
merger and acquisition activity in the U.S. Midwest region,
decreased by 4.9% in Q1-14 after having increased 8.9% in
Q4-13.
 On a year-over-year basis, the index decreased 3.3% from
Q1-13
 Despite the quarter-to-quarter decrease, the index remained
well above the baseline at 111.4 (Q3-06=100)

3. Bridgepoint Midwest M&A Index
Commentary
Key Drivers
 Buyers and sellers picked up the pace of closings in the latter half of 2013 which have continued
into 2014
 Fueled by high demand, low supply of quality deals and easy access to debt with historically
aggressive terms, valuations have remained at robust levels
Outlook
 As confidence returns to corporate boardrooms, buyers and sellers will continue to pursue
meaningful opportunities with a focus on protecting, supplementing and enhancing top-line growth
 Bridgepoint expects very strong deal-making activity in the region and a robust financing
environment to continue through 2014
What The Index
Means For You
 Deal volumes continued to be robust in the latest quarter while M&A valuations remained at strong
levels (on a TEV/EBITDA basis). The current environment represents an attractive opportunity for
Midwest companies, management teams and business owners to:
 Take advantage of the strong capital markets environment to finance growth, acquisition,
liquidity or refinance – substantial private equity, institutional financing and junior capital interest
in the Midwest provide additional optionality for companies, management teams and business
owners, including recapitalizations
 Evaluate strategic options and your company value – Midwest companies continue to garner
premium valuations and strong M&A interest from both strategics and sponsors
 Explore nontraditional deal-making opportunities – with a high level of dry powder, growth /
expansion transactions can supplement traditional buy-outs
3
Midwest M&A Quarterly Update, Q1-14

4. Selected Midwest Q1-14 M&A Transaction Statistics(a)
Quarterly Midwest M&A Transaction Volume Quarterly Midwest M&A Median Deal Size
4
 Quarterly Midwest M&A volume remained
relatively unchanged decreasing by 1.9% from
318 transactions in Q4-13 to 312 transactions in
Q1-14. On a year-over-year basis, quarterly
Midwest M&A volume decreased 5.2% from Q1-
13
 From a long-term perspective, Midwest deal flow
continues to reflect a stable trend; 2013 total
volume represented the highest level of yearly
activity since index inception in 2006
 Of the Midwest M&A transactions with available
transaction values, quarterly median deal size
decreased from $31.4mm in Q4-13 to $22.7mm
in Q1-14
 After recording one of the lowest median deal
sizes in Q1-13, Q1-14 recorded the third highest
median deal size since 2009. Midwest median
deal size continues to increase to an above
average level over the past 4 years. Corporates
and sponsors are refocusing their attention on
larger targets with strong capital markets support
Midwest M&A Quarterly Update, Q1-14
233
260
277
351
262
288
271 281
293
274
303
369
329
269
328 318 312
0
50
100
150
200
250
300
350
400
$15.8
$11.7
$13.2
$19.1
$11.5
$13.0
$10.0
$20.5
$12.0
$14.9
$17.6
$29.8
$9.7
$13.8
$17.5
$31.4
$22.7
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
MedianTEV($mm)

5. Selected Midwest Q1-14 M&A Transaction Statistics(a)
(Continued)
Quarterly Midwest M&A Median Valuations Quarterly Midwest M&A Buyers and Sellers
5
 On a TEV/EBITDA basis, median Midwest M&A
valuations increased from 7.0x in Q4-13 to 9.1x
in Q1-14. On a TEV/sales basis, median
Midwest M&A valuations decreased from 1.5x
to 1.4x
 Multiples remain at historically strong levels,
indicating that corporates and private equity
firms, supported by record cash stockpiles and
easy access to debt, are still very hungry to put
substantial firepower to work
 Quarterly M&A transactions with Midwest
buyers increased to 167 in Q1-14 from 159 in
Q4-13. Transactions with Midwest targets
decreased to 172 from 191
 Although lower, transactions with Midwest
targets remained in line with previous
quarters and reiterates the strong buyer
appetite for Midwest companies
Midwest M&A Quarterly Update, Q1-14
7.2x
8.2x
12.1x
7.8x 7.6x
10.8x
10.1x
8.5x
5.4x
8.5x
9.7x
10.4x
13.6x
14.6x
10.8x
7.0x
9.1x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
50
70
90
110
130
150
170
190
210
230
Midwest Buyers Midwest Targets

6. Selected Midwest Q1-14 M&A Transaction Statistics(a)
(Continued)
Q4-13 Midwest M&A Transaction Volume by Sector
6
 Core industries (including Industrials,
Materials and Consumer) accounted for
40% of total Midwest M&A transaction
volume in Q1-14, a slight 3% decrease from
Q4-13
 The Information Technology sector had the
biggest increase in Q1-14; up 5% from Q4-
13. The Consumer sector deal share saw
the biggest decrease in Q1-14, down 5%
from Q4-13
Midwest M&A Quarterly Update, Q1-14
Energy
12%
Materials
5%
Industrials
19%
Consumer
16%
Healthcare
9%
Financials
26%
Info Tech
10%
Telecomm / Utilities
3%

7. Selected Midwest Q1-14 M&A Transactions(a)
7
(a) Bold companies are located in the Midwest. Midwest defined as Iowa, Kansas, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota. Either buyer,
target, or seller must be located in the Midwest, and the Midwest participant must have purchased or sold majority control.
Source: Capital IQ (3/31/14), Bridgepoint Merchant Banking
Midwest M&A Quarterly Update, Q1-14
Announced Target
Target
Location Buyer
Buyer
Location
Target
Sector
TEV
($mm)
03/31/2014 Performance Chemicals &
Ingredients LLC
MO Balchem Corp. (NasdaqGS:BCPC) NY Consumer $ 567.0
03/20/2014 Wolf Trax Inc. Canada Compass Minerals International Inc.
(NYSE:CMP)
KS Materials 84.5
03/18/2014 Anchor Drilling Fluids USA, Inc. OK Calumet Lubricants Co., Limited Partnership IN Energy 234.0
03/17/2014 Jason Incorporated WI Quinpario Acquisition Corp.
(NasdaqCM:QPAC)
MO Industrials 538.7
03/17/2014 Aclara Technologies LLC MO Sun Capital Partners FL Info Tech 129.8
03/14/2014 Franco Sarto Inc. MO Brow n Shoe Co. Inc. (NYSE:BWS) MO Consumer 65.0
03/13/2014 GemGroup Inc. MO Gaming Partners International Corporation
(NasdaqGM:GPIC)
NV Industrials 22.5
03/12/2014 WPLG-TV10 FL Berkshire Hathaw ay Inc. (NYSE:BRK.A) NE Telecomm /
Utilities
-
03/10/2014 HiFX Plc United
Kingdom
Euronet Worldw ide Inc.
(NasdaqGS:EEFT)
KS Financials 241.2
03/05/2014 Gum Technology Corporation AZ Penford Products Co. IA Materials 10.2
03/03/2014 Nave Communications Company MD ADDvantage Technologies Group Inc.
(NasdaqGM:AEY)
OK Info Tech 13.1
02/26/2014 Williams Energy Canada ULC Canada Williams Olefins, L.L.C. OK Energy 1,200.0
02/25/2014 Peoples Service Company - Southern Missouri Bancorp, Inc.
(NasdaqGM:SMBC)
MO Financials 27.3
02/21/2014 Long Haul Holding Corp. CA Wells Fargo Bank, National
Association
SD Financials 151.5
02/20/2014 CE Generation NE MidAmerican Renew ables, LLC IA Telecomm /
Utilities
193.5
02/12/2014 Victor Technologies Group Inc MO Colfax Corporation (NYSE:CFX) MD Industrials 947.3
02/11/2014 Forw ardthink Group, Inc. NY Perficient Inc. (NasdaqGS:PRFT) MO Industrials 46.0
02/10/2014 Nichols Aluminum, LLC IA Aleris Corporation OH Materials 110.0
02/07/2014 Fox & Hound Restaurant Group KS Cerberus Capital Management, L.P NY Consumer 129.8
02/03/2014 Adams Global Communications, LLC KS Adams Cable Equipment Inc. KS Info Tech 2.0
02/03/2014 Musashi Pty Ltd. and Pow erBar, Inc. CA Post Holdings, Inc. (NYSE:POST) MO Consumer 150.0
01/30/2014 FTW Holdings, Inc. IN Continental Commercial Products,
LLC
MO Materials 11.5
01/22/2014 REG Life Sciences, LLC CA Renew able Energy Group, Inc.
(NasdaqGS:REGI)
IA Energy 61.9
01/17/2014 CherryBerry Enterprises, LLC OK U-Sw irl, Inc. (OTCPK:SWRL) NV Consumer 7.1
01/13/2014 Rosew ood Care Center Holding
Company Inc.
MO The Cahill Group IL Healthcare 250.0
01/06/2014 Okapi Sciences NV Belgium Aratana Therapeutics, Inc.
(NasdaqGM:PETX)
KS Healthcare 45.3
01/06/2014 Parature, Inc. - Microsoft Dynamics Inc ND Info Tech 100.0
01/02/2014 Dakota, Minnesota & Eastern Railroad
Corporation, West End Operations
SD Genesee & Wyoming Inc. (NYSE:GWR) CT Industrials 210.0

8. The list contained herein represents selected transactions completed by Bridgepoint Managing Principals while associated with Bridgepoint
Merchant Banking, as well as securities transactions on which they advised in their capacity as investment bankers registered with various broker-
dealers.
About Bridgepoint Merchant Banking
Bridgepoint Merchant Banking Overview
Selected Bridgepoint Merchant Banking Transactions
8
Bridgepoint Merchant Banking, a Division of Bridgepoint Holdings, LLC, is a lower and middle market investment
banking and private equity firm that serves clients throughout the corporate lifecycle by providing merger and
acquisition and corporate finance advisory services.
With more than 35+ years of cumulative experience, Bridgepoint Merchant Banking professionals have completed over
$104 billion of merger and acquisition and capital raising transactions across a wide range of industries. Bridgepoint
also manages capital and invests directly into operating companies through its private equity and venture capital funds.
When considering a sale of your business, the acquisition of a business, and/or raising capital for a business or
transaction, the Principals of Bridgepoint Merchant Banking, through our broker dealer relationship, can help you to
achieve your personal and business goals. Our specialized expertise helps our clients achieve better value, identify
better transaction partners, reach smarter decisions and negotiate more favorable outcomes. Please reach out to us at
the contact information above to discuss how we can help you.
Not Disclosed
M&A advisory
Sole Financial Advisor
2014Not Disclosed
M&A advisory
Sole Financial Advisor
Midwest M&A Quarterly Update, Q1-14

9. Contact Information
9
Senior Advisors
Matt Plooster
Managing Principal
Lincoln, NE
402.817.7900
Joe Liss
Transaction Principal
Des Moines, IA
515.325.7616
Adam Claypool
Managing Principal
Des Moines, IA
515.325.7615
816 P Street
Suite 200
Lincoln, NE 68508
Nebraska Office
601 E Locust Street
Suite 104
Des Moines, IA 50309
Iowa Office
This update is for informational use only. Information contained in this update is based on data obtained from sources believed to be reliable.
Nothing in this publication is intended as investment advice. Use of any of the included proprietary information for any purpose without the
written permission of Bridgepoint Merchant Banking is prohibited. The list contained herein represents selected transactions completed by
Bridgepoint Principals while associated with Bridgepoint Merchant Banking, as well as securities transactions on which they advised in their
capacity as investment bankers registered with various broker-dealers.
Midwest M&A Quarterly Update, Q1-14